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{
    "id": 121247,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/121247/?format=api",
    "text_counter": 375,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "In other countries, since the economies went bad, governments have taken action to stimulate their economies and banks have not been left behind. Banks have been taken along to ensure that they participate in the stimulation of the economy. I think banks are very important in any economy, and we cannot pretend to be improving our economy simply by channeling Government funds to the rural areas, and ignoring the mere fact that banks are key to economic growth. I say this because the interest rates in this country remain some of the highest in the world; there is no way we are going to improve our economy when interests rates by banks remain as high as they are at the moment. Therefore, I ask the Minister to take deliberate measures to ensure that this matter is corrected. Mr. Temporary Deputy Speaker, Sir, 18 percent interest charged on money borrowed cannot stimulate any economy. There is no business that you will be able to do and make a profit at this interest rate and then be able to employ someone. No wonder that banks in this country are the only remaining business that is making huge profits today. Why is it so? Every year they are reporting increases in profits because they are free to charge as high interest rates as they want. Therefore, if the Minister is to succeed in improving this economy he must take a deliberate action to address the issue of bank interest rates. If interest rates are not lowered, we will be wasting our time thinking that we are going to improve our economy. Mr. Temporary Deputy Speaker, Sir, through you I urge the Minister ---"
}